South Korea’s Mirae Asset has increased its ownership of cryptocurrency exchange Korbit to 97.15%, expanding its control over one of the country’s licensed digital asset trading platforms.

According to Korbit, Mirae Asset Consulting became the exchange’s largest shareholder after completing the required regulatory procedures for a controlling acquisition. Mirae Asset Consulting is an affiliate of Mirae Asset Financial Group, one of South Korea’s largest financial services conglomerates with operations spanning asset management, securities, insurance, and banking.

The company also filed a revised regulatory disclosure to acquire additional Korbit shares worth about $5.32 million. The purchase raises its stake from 92.06% to 97.15%, with local reports indicating that the transaction is expected to close on Friday.

Korbit said the ownership change will not affect its operating entity, customer deposits, or personal data management. Existing users will continue to access the platform under the same operating framework, the exchange said.

Regulatory Approval Clears Controlling Investment

South Korea’s Fair Trade Commission approved the acquisition earlier this month, enabling Mirae Asset to complete the controlling investment in Korbit. The regulator described the deal as the country’s first acquisition of a cryptocurrency exchange by an affiliate of a traditional financial group.

The approval comes as South Korea continues to strengthen its virtual asset regulatory framework. Under the Virtual Asset User Protection Act that took effect in July 2024, exchanges must meet licensing, custody, and investor protection requirements, making regulated platforms increasingly attractive to established financial institutions seeking entry into digital asset markets.

Mirae Asset Consulting said the acquisition supports its strategy of pursuing future growth through digital assets. The transaction also gives the financial group greater influence over Korbit’s long-term business direction.

By expanding its ownership, Mirae Asset has increased its exposure to South Korea’s regulated cryptocurrency sector, where licensed digital asset businesses operate under formal oversight. The deal also reflects continued participation by traditional financial institutions in regulated digital asset markets, a trend visible across Asia as legacy firms seek positioning in digital finance.

Korbit reiterated that customers will not experience operational changes after the ownership increase. The exchange said its legal operating structure, deposit management practices, and personal data handling policies will remain unchanged.

Those existing safeguards allow Korbit to continue providing services under expanded ownership while maintaining the same customer protection framework during the ownership transition.

CoinGecko Data Shows Korbit’s Market Position

CoinGecko ranks Korbit as South Korea’s fourth-largest cryptocurrency exchange by trading volume. The exchange recorded roughly $4.3 million in trades over the past 24 hours, according to the data cited in the source report.

Upbit remained South Korea’s dominant exchange over the same period, with approximately $224.2 million in trading volume. The gap underscores the consolidation of trading activity around a single platform, with Korbit and other mid-tier exchanges competing for share in a market where real-name verified banking partnerships and regulatory compliance are prerequisites for KRW-based fiat trading.

Although Korbit operates at a smaller scale than Upbit, Mirae Asset’s increased ownership gives the financial group stronger control over one of South Korea’s licensed cryptocurrency exchanges. The acquisition raises Mirae Asset’s Korbit stake to more than 97% while preserving Korbit’s existing operations, customer deposit arrangements, and personal data management policies.